How to Manage Money During Financially Hard Times

Whether you’re an older worker with seemingly few options to recoup significant investment losses or a younger worker with minimal or no investment savings at all, don’t let a difficult financial climate and financially hard times scare you into not taking any action at all.

Financial Tips for Turbulent Times

Take stock of your situation and formulate a plan by starting with the basics.

Pay Down Debt

Reduce the chokehold that credit cards have on your budget. Pay off the highest interest-rate card first, and then apply that payment to the next-highest interest-rate card. Stop charging.

Spend Less

Identify needs vs. wants, and then set priorities. Many so-called needs actually are wants in disguise.

Rebalance Your Stock Portfolio

Do your investment choices reflect your risk tolerance and investment strategy?

Keep Some Cash on Hand

Consider stashing some cash, whatever you can at first, in an Argent MMA (Money Market Account), which is insured to at least $250,000 by the National Credit Union Administration.

Increase Your Contributions

Many stock prices are low. If possible, bump up your contribution.

Diversify

If you’re in a position to, spread your money among a variety of investments:

• Domestic
• Financial Services
• Health Care
• International
• Technology
• and so on

Use Dollar-Cost Averaging

By having just $50 each paycheck automatically directed to a mutual fund, your contributions will purchase more shares when the price is low and fewer shares when the price is high.

Work Longer

If you’re close to retirement, consider hanging on to your current job longer than planned, if you can. Or, secure part-time work after retirement. This reduces the number of years you’ll dip into your investments and helps build additional savings.

Argent is ready to help during these financially hard times. Contact us today at (804) 748-9488 to see how we can help you.